6.2.07

Liverpool accept American bid

Liverpool have agreed to an offer from American tycoons George Gillett and Tom Hicks to buy the club.

A statement was made to the Stock Exchange stating they have agreed the terms "of a recommended cash offer" to be made by Kop Football Limited, the American pair's bid vehicle.

The statement read: "The offer is £5,000 in cash for each Liverpool Share, valuing the issued share capital of Liverpool at approximately £174.1million.

"Together with the £44.8million of net debt in the club as at December 31 2006, this represents an enterprise value for Liverpool of £218.9 million."

The statement revealed the board "unanimously recommends" that shareholders accept the offer.

"Kop is an English private limited company, which has been incorporated for the specific purpose of making the offer and which is ultimately jointly controlled by Mr George Gillett jnr and Mr Thomas O Hicks.

"The board of Liverpool... considers the terms of the Offer to be fair and reasonable.

"The board of Liverpool unanimously recommends that Liverpool Shareholders accept the offer."

The club's board also revealed key factors in their decision to accept the proposal.

"Kop has indicated its intention to build, as soon as reasonably practicable, the proposed new 60,000 seat stadium at Stanley Park for which the club has already received planning permission and to facilitate the financing of its construction

"Kop has indicated that it is committed to an annual budget for player transfers and is able to supplement this should Liverpool's management and Kop agree additional funds are required.

"Kop is supportive of both the current executives and the football team management at Liverpool to provide stability to the club."